RBI doesn’t cut rates but forces SBI, HDFC Bank & ICICI Bank to swing into action (ET)

MUMBAI: Reserve Bank of India Governor Raghuram Rajan kept interest rates unchanged and dampened hopes of sharp reductions during the year, owing to inflation worries. But his tough message for banks that haven't passed on previous rate cuts yielded results within hours. State Bank of India, HDFC BankBSE 0.24 % and ICICI BankBSE -1.20 % lowered rates late on Tuesday, after initially suggesti .. 

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